Stadium’s first half was in line with expectations and the outlook confirms that the Group remains on track to achieve forecasts which imply 26% year on year growth in PBT. The order book has also risen strongly once again, which supports the ongoing growth story. The shares have recovered somewhat in recent months but remain inexpensive, in our view, at a P/E of only 11.7x FY17 earnings, falling to 9.5x FY18.